Auction Report This Very Strange White Gold Prototype Is Now The Most Expensive Rolex Submariner In The World

Well, this is a strange one, folks. Earlier today, as part of Christie's "A Rolex Afternoon" sale in Geneva, this extremely rare white gold Submariner sold for $628,572 (631,500 CHF), making it the most expensive Submariner ever sold publicly. Sure, it's rare, but it barely even looks like a Submariner, provoking some very worthwhile questions about the state of Rolex collecting today.

The watch we have here generated tons of interest ahead of today's sale. It is a prototype white gold Submariner from the early 1970s and only three examples are known to exist (two with blue dials, one with a black dial). This watch doesn't even have a serial number, though it's known to be a genuine watch that came out of the factory looking like this, and it has been with the same private collector for more than 30 years. The white gold case has an extremely weird dive bezel that only has knurling on two opposing sections, and the faded blue nipple dial has yellow gold markers and hands. Did I mention that the solid white gold bracelet has a bark finish? It does. Seriously.

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The estimate on this watch was 250,000 to 500,000 CHF, meaning it sold for a little more than 25% over its high estimate. Given all the factors above, it's no surprise that the watch fetched big dollars. But for this strange watch to now be the most expensive Submariner in the world does feel a little weird. Actually, it feels very weird.

This ref. 6538 used to be the world's most expensive Submariner.

The former record-holding watch couldn't be more different from this one. Sold in November 2016 for 562,000 CHF at Phillips Geneva Watch Auction: Four, this ref. 6538 is as pure a classic Submariner as you'll find anywhere. It's the classic "Big Crown" (as made famous by James Bond), but in incredible condition and with an extremely tropical brown dial with four lines of text at six o'clock. It's sort of the perfect storm when you think about all the things that usually make vintage Rolex watches collectable. It's rare to begin with, it's in great condition, and it's an extra-rare variant, not to mention that it has that awesome chocolate dial. Looking at this watch, it's totally understandable why it would be the most expensive Submariner on the planet.

Put these two watches side by side, and you get a very strange portrait of the current Rolex market. Between this and the "Bao Dai" pulling in more than $5 million, it's really starting to look like uniqueness trumps all else (despite there being more than a few differences between these two cases).

This is one of only three white gold Rolex Submariner prototypes from the early 1970s.

This white gold prototype might be the most expensive Submariner ever, but it's certainly not the coolest. Does that even matter? Does the fact that this watch is barely recognizable as a Submariner at all make it more interesting or less interesting? Are we going to see ever-escalating prices for unique watches as the world's biggest collectors look for new thrills?